Government & Economics Review

GNP: ___________________ ::GDP ___________________ .

• Only goods and services produced within a national boundary, all goods and services produced by a nation

• All goods and services produced by a nation, only goods and services produced within a national boundary

• Only goods and services used within a boundary, all goods and services produced within a national boundary

• all goods and services produced within a national boundary, only goods and services used within a boundary

How is the Australian Aborigine society an example of a traditional economy?

• Economic decisions are made by the democratically elected elders of the community.

• Economic decisions are made by the Australian government.

• Economic decisions are based on customs and beliefs.

• Economic decisions are based on the demands of the market.

I. Theocracy

II. Democracy

III. Dictatorship

IV. Monarchy.

Which of the above LEAST resembles the other three in how they exercise authority in the countries they govern?

• I

• II

• III

• IV

Complete the analogy with the correct combination of words. Iran : _____________ :: China : ________________.

• Theocracy, Dictatorship

• Dictatorship, Monarchy

• Monarchy, Dictatorship

• Democracy, Monarchy

In a command economy, goods that are produced are sent to —

• aristocracy

• wealthy consumers

• impoverished countries

• government organizations

In a traditional economy, things are produced based on —

• profit amount

• household needs

• government orders

• international needs

Which of the following is an example of an economy where economic decisions are made based on customs and beliefs?

• Farms in Great Plains

• Industrial Germany

• Wall Street USA

• Natives of Rainforest

Where in the world would one find more subsistence farming than commercial farming?

• developed nations

• developing nations

• capitalistic economies

• agribusiness economies

Where would the MOST commercial industry in the world be located?

• developed nations

• developing nations

• third-world economies

• primary economies

Antonio lives in a farming village in Italy. Like his parents, grandparents, and his neighbors, Antonio depends on his farm to make a living. Which level of economic activity best describes the economics of Antonio's village?

• Primary

• Secondary

• Tertiary

• Quaternary